18 Year Old Needing Financial Help

thriftysach on 09/02/2020 - 07:46
Last edited 10/02/2020 - 10:18

Hi All.

I am 18 and about to attend university.

Through a university scholarship (6k) + cash prizes upon good performance in the HSC (1.5k) + job whereby I earn $350-$400 a week + Youth Allowance $250/fortnight, I have around $8000.

I live in Sydney and property is very expensive so can't invest there.

Don't really need a car as I still live with parents and will take the train to uni 5 days a week.

Against compound interest bank accounts as it is against my religion (Islam).

Please keep all comments respectful and only comment if you have something useful.

I have a good phone galaxy s10 and have a good laptop too so dont need any of those.

Edit- sorry if i am not replying, was very preoccupied with Dell Customer Service regarding a faulty product of mine.

Will get back to all the comments by 6pm 10february.

Warm Regards.

Education & Work

Comments

    • thriftysach on 10/02/2020 - 17:52

      I am not my father, not responsible for his actions.

      I am not willing to take interest, trying my best to avoid it. However, in some cases like bank accounts, you get interest regardless, so for that the Islamic ruling is to donate the money that is interest without an expectation of reward.
      I am not planning on getting a home loan, my whole post goes against that very notion.
      'Buy property with cash' doesn't involve loans!

      • Numlock on 10/02/2020 - 20:30

        However, in some cases like bank accounts, you get interest regardless,

        Request the bank to not apply interest on the account. It's possible.

        'Buy property with cash' doesn't involve loans!

        It wasn't clear. I'm not reading all your replies.

  • TightAl on 10/02/2020 - 11:33
    +3

    Investing money into a bank account for interest is haram, collecting youth allowance isn't. Is this a joke haha.

    • thriftysach on 10/02/2020 - 17:54
      -4

      Youth Allowance is given dependent on whether the parent's income reaches a certain threshold. If the parent's income is deemed enough to support the child, they do not get youth allowance. In my case, my parent's income is not deemed enough to support me, hence I get additional payments in the form of Youth Allowance.

      I don't see how this and interest has any correlation.

  • [Deactivated] on 10/02/2020 - 11:48
    +4

    Take a gap year, go party, enjoy life and spend it all.

    You wont ever be young again, the older you get the less you can ever have fun (until retirement if you have some good dosh saved).

    • thriftysach on 10/02/2020 - 17:46

      Gap Year is a waste of one year.

      You wont ever be young again - yes exactly, your capacity and patience to learn while being young is higher than someone who is a few years older than you.

      University breaks are extremely long as well. For instance I get holidays from mid-June to the start of August and then get holidays again from the end of November to the end of February.

      Why would I take a gap year and get 7.5 more months off, besides the ones I already get off?

      • [Deactivated] on 10/02/2020 - 18:27
        +4

        your capacity and patience to learn while being young is higher than someone who is a few years older than you.

        And with that, im out.

      • SBOB on 10/02/2020 - 18:45
        +4

        yes exactly, your capacity and patience to learn while being young is higher than someone who is a few years older than you.

        As someone who went to uni directly out of school and again about 6 years after leaving uni (for an additional degree), I can say my learning ability and results were much higher as a 'mature age' student than the first time around direct out of school

        No idea how you got the idea that being young gives you more patience or learning capacity.

        • cwongtech on 11/02/2020 - 00:48

          I can say my learning ability and results were much higher as a 'mature age' student than the first time around direct out of school
          No idea how you got the idea that being young gives you more patience or learning capacity.

          +1
          If you enter the workforce for a little bit, you will see the relevance of learning a lot better.
          Learning for the purpose to get "Bachelor of Commerce" on your resume isn't a strong motivator..

      • p1 ama on 10/02/2020 - 20:09
        +4

        You wont ever be young again

        Hence why you should take a gap year.

    • Thaal Sinestro on 11/02/2020 - 06:20
      +1

      Yes, have fun while young, for both psychological and physiological reasons. I have bad knees and thus cannot do things younglings take for granted, like climbing chain link fences and trees. Your body (and often the brain as well) wears out/degenerates over time; old age is all misery.

  • greater mimic on 10/02/2020 - 11:53

    I never knew this about collecting interest, very interesting (no pun intended). However interest is still something you need so your cash doesn't get devalued and keeps up with CPI. Have you thought about earning interest in a savings account, only keeping the portion that equals CPI, and then donating the remainder interest? Not sure if allowed for your religious purposes, but something to consider

    • thriftysach on 10/02/2020 - 12:18

      "keeping the portion that equals CPI, and then donating the remainder interest"
      -this is allowed.

      Interest in Islam is very multi-faceted. A lot of muslims do use credit card with compounding interest along and also get home loans. Personally, id say a majority of Australian muslims do not care, nor give any thought to this and just assume it is allowed.

      • greater mimic on 10/02/2020 - 12:49
        +1

        That's good to know. Also if you're uncomfortable with keeping the CPI portion, you could just donate all your interest each month. If you're going to have money sitting around in an account, may as well make it work for charitable donations. Though whatever you're comfortable with of course

      • Numlock on 10/02/2020 - 20:35
        +1

        Personally, id say a majority of Australian muslims do not care, nor give any thought to this and just assume it is allowed.

        The majority know it's not allowed but do it anyway because it's more profitable. The other section, Lebanese cough cough, try and use absurd arguments to justify buying on interest home loans.

      • Roman Sandstorm on 12/02/2020 - 11:29
        +1

        id say a majority of Australian muslims do not care, nor give any thought to this

        So, when religion conflicts with 'real life' (ie, money matters), religious principles go flying?

        Perhaps like many Catholics and birth control?

        Yes, religion is all well and good, until one has to really change one's life around it. But I guess one can still say they are virtuous and religious by going along with 70%, 80%, 90% of the established dogma.

        • thriftysach on 12/02/2020 - 15:28

          Yeah what you say is completely right.

          For me, it's focusing on avoiding the major things and then afterwards focusing on the minor things.

          'Riba' or associating with interest is considered a major sin, hence something I believe, with my current knowledge that I need to avoid.

  • Frankenbeanie on 10/02/2020 - 12:19
    +1

    look into buying a piece of land (interest free on installments) in Melbourne or somewhere cheap and sit on it. Once paid off and price has hopefully gone up you can sell for a profit or look into building a house.

    • thriftysach on 10/02/2020 - 12:32

      Not a bad idea. Can you please suggest me a few suburbs or general areas?

      I have literally never been to another state in Australia.

  • Gelato on 10/02/2020 - 12:34

    Enjoy uni life, learn to budget, set up saving goals, spend money on life experiences

    Think about property investment when you’ve a permanent job. Part of the reason is that casual job won’t get the banks to lend you much.

  • ddhar on 10/02/2020 - 12:56

    Good luck securing a property with pure cash.

    I had similar 'ambitions' (save up to 80% of property value) until I realised property values were rising faster than I could save money. If I had kept on saving (instead of buying now), that goalpost would only shift farther away.

    I was not aware about the religious prohibition from debts. Are you absolutely sure about this interpretation? There are banks in muslim countries like Indonesia, Malaysia and the UAE, and they openly offer this kind of facilities. If this was prohibited by the Quran, someone would have made a big noise over this.

    • thriftysach on 10/02/2020 - 17:37

      I didn't say there is a prohibition against debt. Only interest is prohibited (as far as I am aware).
      I am not sure how the banks in the Muslim majority countries operate, I have heard of interest being a thing there but havent really found anyone to explain it to me.

      • ddhar on 11/02/2020 - 14:37
        +2

        I think you should speak to your religious leader (and seek a second or third opinion from another; perhaps a mortgage broker familiar with this religious aspect?) on what is treated as riba/usury/excessive interest.

        You seem to be applying an umbrella treatment on all things interest, which will significantly impact your ability to achieve your goals. Trying to purchase property with pure cash is only possible if you have loads of money already. Expecting property prices to remain at the same level while you save up from scratch will only disappoint, especially in today's market and this region.

  • pingualien on 10/02/2020 - 14:10
    +8

    go to the casino and put it on red

    • [Deactivated] on 10/02/2020 - 15:08

      Green.

    • Hardwood198 on 10/02/2020 - 16:47
      +1

      This is haram

      • R-Man on 10/02/2020 - 17:33
        +4

        definitely put it on green then

  • MementoMori on 10/02/2020 - 15:41

    Move to a country university?

    You can rent a 3 bedder in some of these locations for $180 per week… $60 per person.

    • virhlpool on 10/02/2020 - 16:10
      -2

      Such as? Which universities are those?

      • MementoMori on 20/02/2020 - 16:01
        -1

        If you're unable to find these yourself is Uni for you?

    • thriftysach on 10/02/2020 - 17:40
      -4

      University degrees are kinda going for the brand name, since degrees generally have the same content across different universities.

      The country universities dont really have a good employability rate, I reckon its much better to go to one of the big name unis than a small uni.

      • MementoMori on 20/02/2020 - 16:03

        Go for a brand name in a country location then

        • thriftysach on 20/02/2020 - 16:48

          The big brands are in the city mate..

          I do not know why I got down voted on my comment before, if I am paying the same amount to go to uni ($10,000/Year under a CSP Place) and I have the mark to get into the big name unis like USYD, why would I go to a country university?

  • Jugganautx on 10/02/2020 - 15:49
    +1

    You're doing better than most 18 yr olds and aren't even working… count yourself lucky.

    • gimme on 10/02/2020 - 21:25

      Has nothing to do with luck. He should count himself snart

  • CI on 10/02/2020 - 15:57
    +1

    Put some cash away on etfs. Look at Vanguard.

  • cfuse on 10/02/2020 - 18:16
    +4

    If you are choosing to live by religious strictures then the people you need to speak to are religious scholars. Not only is it highly unlikely that anyone here will be able to accurately account for the vagaries of usury under whatever sect of Islam you follow, I'd hazard a guess the vast majority of the laity wouldn't have a clue either.

    What I can say in regards to theology and usury is that the word has a very specific meaning. You can probably do a lot more than you think you can here.

    There are one and a half billion of you lot in the world, so I'm pretty sure there will be plenty of books on the topic specific to your situation. Just go on google and type "Islamic investment/money management/etc." and you'll probably get a bunch of book reviews to peruse.

    The one bit of non-intuitive advice I can give you is that the religious are at a statistically significant higher risk of scams (taking the central premise of your existence on faith doesn't breed the kind of scepticism necessary to navigate financial negotiations). Be very careful of where and with whom you put money. There will be people, including those within your community, that are more than willing to prey on your naivete (it is no crime to lack life experience).

    • thriftysach on 10/02/2020 - 18:25

      ilikeradiohead on 09/02/2020 - 13:00
      Have you looked at Islamic banks/finance to deposit your funds? I assume there is something in Australia.

      replyvotesbookmarkreporthide

      thriftysach 22 hours 55 min ago

      Honestly I've heard theyre all kinda dodgy. If they were a good option, Islam is the second most common religion in Australia, I'm sure it'd generate a good customer base and thrive a lot.

      Since the Australian Muslim community has muslims from all over the world, you kinda hear different things. What I've heard in my local area is that its something that should be avoided.
      As for why I have not completely looked into it, I am not at the stage of getting anything involving interest so don't see much of an incentive to look into it.

      Yes I am aware of religious based scams and really have no intentions of trusting my money with any of these companeis unless they become popularised and officially established as an option in Australia.

  • frewer on 10/02/2020 - 18:56

    $8000 isnt much or little money. Considering your faith, I would learn technical analysis and trade 'mini' on market. There are plenty of books out there to learn. PM I can give you some of the name. Best of luck.

  • CalmLemons on 10/02/2020 - 19:16
    +2

    Have a plan and objective.

    Work hard to generate as much cash as possible (don't even bother to think about 'investments' for now, minimal interest).

    Save now for your house.

    Drive a shit car.

    Save as much money as possible so it can be used later on for a meaningful investment.

    • sweetchilli on 11/02/2020 - 00:03
      +1

      Drive a shit car.

      This.

      • cwongtech on 11/02/2020 - 00:50

        But 80K BMW High Yield Investment Vehicle tho :(

  • Freestyle on 10/02/2020 - 19:31

    People go to uni 5 days a week? barely had classes thrice a week in most sems

    • zine21 on 10/02/2020 - 21:53

      The degree one studies determines number of classes. Medical/health science degrees for example are full time 9-5 on most days. In comparison Arts from what I’ve heard has less classes

      • Freestyle on 10/02/2020 - 23:09

        Wasnt even in arts mate

  • TEER3X on 10/02/2020 - 20:18
    +3

    Any chance you can change religions? Tell your dad you found Jesus, who is actually a prophet featured in Islamic teachings.

    Kidding, good luck with your endeavours. I would never have guessed repaying interest is forbidden…. Sounds like it can make life tough.

    • JungliChilli on 10/02/2020 - 21:00

      I wonder what the reason is behind it being forbidden. Curious to know if anyone knows it!

      • R-Man on 10/02/2020 - 21:34
        +2

        it is thought to be exploitative. The reasoning is that interest could send the debtor further into poverty. Another reason is that it may contradict the Islamic pillar of being charitable and kind.

        Doesn't make sense to me personally. I've read about "Islamic mortgages" which are completely based on labelling semantics: a home owner with no mortgage lets you live and pay a "rent" for 30 years, after which they transfer the house to you. The rent contains a "profit" for the home owner…🤔

        • thriftysach on 10/02/2020 - 22:36
          +1

          The Islamic Mortgages try to use loopholes and the blanket of Shariah-compliancy to lure in customers.

          At the end of the day, the buyer is paying way more than a normal home loan and gettimg ripped off, whereas the company is getting huge amounts of profits from it. Its basically rent contains a profit and once you've finished paying 'rent' they 'gift' home ownership to you.

          • R-Man on 10/02/2020 - 22:57

            @thriftysach: Well said mate!

            Hypothetically, what would you think about taking an interest charging loan from a provider that you are confident behaves ethically?

            (i.e. responsible lending, doesn't make excessive profits, acts with kindness?)

            As a commenter below suggested, you can still follow the intended purpose of the law without applying the details that aren't reasonable today.

            • thriftysach on 10/02/2020 - 23:05

              @R-Man: If rent as an option is not feasible for me and I can get some sort of clearance on the matter from a scholar, I have no problem getting a loan from a bank.

              To follow the intended purpose of the law without applying the details that are noy reasonable today requires an Islamic expert/scholar to give a 'fatwa' which is basically a formal decision on a matter.

    • Andard on 12/02/2020 - 15:59

      Any chance you can change religions? Tell your dad you found Jesus

      You Apostatise you Apostadies

  • deme on 10/02/2020 - 21:32
    +3

    Just go buy the book barefoot investor

  • zine21 on 10/02/2020 - 21:49
    +6

    I really wished the younger generations could move forward with their religion with the realisation that the past these religions are based on was a VERY different time and thus things from then can not apply 100% to current times. Context is very important. You’re here looking down on your dads actions to own a house through a loan - you’re seriously kidding yourself if you think you can buy a house in the big cities - outright without money from your parents or serious investments of your own (which is probably harram too in your eyes).

    • thriftysach on 10/02/2020 - 22:46
      -5

      That's kind of insensitive of you to say. I believe when following a religion, you follow all its teachings or don't follow it at all. You can't just pick and choose mate.

      Going 'forward' with religion - there is a clear reason as to why something is prohibited in a religion in the first place.

      By taking a home loan (for e.g.) the individual is placing themselves in a situation where they have to commit to payments across a period of time for a long duration.

      For most individuals, doing this on an average salary with family expenses + other expenses often becomes difficult. I don't see why finding a cash solution to this is looked down upon or immediately shot down as impossible.

      • R-Man on 10/02/2020 - 22:58
        +1

        I don't see why finding a cash solution to this is looked down upon or immediately shot down as impossible.

        Yes you do

      • zine21 on 10/02/2020 - 23:12
        +3

        I’m sorry but region is not a black and white wall- just with Islam alone there’s several different interpretations and variations/teachings of the same material so who are you to judge others when there’s no consensus on it on a larger scale. You can’t just say fallow all blindly - and frankly anyone who follows anything blindly without questioning and forming their own ideas on the right and wrong doesn’t actually understand religion. Religion isn’t a race. - this sensitivity you have towards it is your own weakness.

        Also you’re ignoring the fact that home loan is essentially getting rid of rent. If your money was in the bank gaining no interest no growth etc and you’re paying rent on top of that day in day out - you’d be struggling a lot more as dollar loses value with each passing second. Inflammation essentially means any amount of cash you have isn’t worth what it is just in 1 year- so by the time you save enough cash to buy a house your savings will not be enough to afford that house as paper cash would have lost its value and house prices will have increased significantly.

        • thriftysach on 10/02/2020 - 23:26

          I am not following all the teachings blindly, 5 months ago I did not even know that there was much objection to interest in Islam.

          Now all I am doing is researching and gaining more knowledge as to how I can still achieve my goals.

          I can buy gold with my cash, that will work out better than keeping just cash. The value of gold does not depreciate over time…

          • od810 on 10/02/2020 - 23:53
            +2

            @thriftysach: this depends on when you buy gold. Gold price will be extremely high when the market is volatile, people seeks safe haven. You could have bought Gold price at its peak. Just look at the gold price in 2010 and compared to 2 years ago. Any investment will have associated risk.

      • od810 on 10/02/2020 - 23:51

        The reason is that the cash solution got immediately shot down because it's not practical. Not everyone has the luxury to live without paying rent, effectively your rent payment is the similar to the interest payment. So for most of people they just find it makes more sense to get mortgage. Having a commitment to a mortgage is actually not a bad thing because you learn how to budget properly (I actually care a lot more about budget after i get my mortgage).

        For financial savvy people, cash solution is even worse because they can invest on assets that return much higher than the mortgage rate. You have to remember mortgage is the cheapest loan you can possibly get. I don't understand much about your religion, I just find buying a home using cash is impractical and/or not a great idea on financial term.

      • spackbace on 11/02/2020 - 17:35
        +2

        you follow all its teachings or don't follow it at all.

        sigh

        Next minute you'll say your wife/daughters aren't allowed to be educated.

        Of course you're not following all it's teachings. Religions have changed and evolved through the years, and various people pick and choose the original scriptures to suit the modern day. The pope has changed parts of Christianity, there's various forms of Islam because no one can settle on what suits the modern generation.

        In practising modern-day religion, you're cherry-picking the parts that suit. There's nothing wrong with that, just don't try to say you're not.

        • thriftysach on 11/02/2020 - 19:01

          Im sorry. The way I have worded things sounds like I intend to follow the original scriptures from the early times.

          The meaning I am trying to get across is the I intend to follow all the teachings of my school of thought and practice accordingly.

          The people in charge of the school of thought do adapt the original teachings to modern life.

          Hence, affiliating with interest as per the rulings amidst my school of thought is considered a major sin.

          Now if it was allowed for me, it does not take an expert to realise that mortgages and home loans are a very sustainable way for a lot of people to own property. I would choose this option if it was permissible. Since it is not, I am simply looking at other options and treading carefully so I am prepared when the time comes.

          I don't spend day and night pondering over home ownership, it does not stress me out, I am still fulfilling my wishes, living out my dreams.

      • p1 ama on 11/02/2020 - 20:38

        I believe when following a religion, you follow all its teachings or don't follow it at all. You can't just pick and choose mate.

        This exact saying is the cause of much suffering in the world. Most of the conflicts going on around the world right now are because of this.

        I think that there are plenty of good aspects of religion - the charity work that many religious organisations do, the sense of community and belonging many get, and I do think that there are good moral lessons to be found in many religions.

        However, I do think that following a religion and its teachings blindly is ridiculous. As a very religious friend once told me, God gave us the ability to think and question for a reason. I completely agree with this sentiment. We should question the world around us and follow the teachings that we believe is right. If you said that you didn't want to take out a loan because you came to that conclusion yourself after reading your religious texts, I would completely respect your position.

        However, I cannot respect someone who simply will not take out a loan because their religious text told them to. It's not "finding a cash solution" that's looked down upon, it's your lack of critical thinking and judgement. The problem with your initial statement "follow all or don't follow at all" is a ridiculous notion that will get people killed. Oh wait, that's happening right now as we speak.

        • thriftysach on 11/02/2020 - 21:06

          The forum title is 18 year old needing financial help. If I had any compulsions or doubts over religious matters, Ozbargain would not be a place I would come.

          Secondly, I do not ask for you to respect me. I don't care whether you respect me, I am simply looking for what the users of Ozbargain have to suggest about my approach to my goals.

          I don't see how you are able assume the moral high ground when it comes to religious based persecution.

          Whether you are an atheist, a cultist, agnostic or follow one of the major religions, I am sure with your superior intellect and capacity for critical thinking you are able to realise that all religous beliefs or lack thereof have adherents that cause trouble and 'get people killed' as you say.

          • p1 ama on 11/02/2020 - 21:54
            +1

            @thriftysach:

            I don't see how you are able assume the moral high ground when it comes to religious based persecution.

            I never made any moral statements. I just said that you should think for yourself and come to your own conclusions. The ability to think critically is what sets us apart from other animals. Think of that what you will.

            Whether you are an atheist, a cultist, agnostic or follow one of the major religions, I am sure with your superior intellect and capacity for critical thinking you are able to realise that all religous beliefs or lack thereof have adherents that cause trouble and 'get people killed' as you say.

            That's a strawman of what I was saying. My point is that following something blindly (whether that is religion, patriotism, political ideology, cult…etc.) has historically led to people getting killed because people have put aside their rationality.

  • OG Puppy Banana on 11/02/2020 - 08:38
    +1

    I am not sure if it's realistic for an 18 year old on youth allowance to chip into their father's liability and also be in a position to save for their own investment. However, it's a terrific goal. Well done!

    As uni is a developmental period in people's lives, I'd be enjoying my 18-21 years, not letting them pass so I can save pennies. Those don't come back.

    The reality is that once you finish your usyd bcom, you'll probably join some firm, earn anywhere between a total of 180k to 250k in your first three years at the firm and start to build real financial independence.

    At that point, then you can start building up the structures for your highly commendable goals.

    • thriftysach on 11/02/2020 - 19:07

      Going off the internet for religious is a bit like being sick and googling your symptoms. Sure you may self-heal yourself sometimes, however, other times you may also harm yourself.

      What I intend to mean by this analogy is that I cannot just go off the internet and make my own decision. Some websites say Interest is permitted, some say it is not.

      If you want more information, Google 'Riba'

      The meanings behind Riba is what leads to different decisions being formed on the dealing of interest being permissible.

      For this, I need to consult an Islamic Scholar who holds formal education in these matters.

  • bizarredeal on 11/02/2020 - 11:52
    +5

    A very complex religion in a simple country. Like you mentioned 95% of people who follow islam tend to break the rules anyway and are hypocrites behind the scenes and condescending in the front. If not for religion, with your attitude you could be making big strides. Good luck pal.

    • imurgod on 11/02/2020 - 13:32

      Underrated comment.

    • thriftysach on 11/02/2020 - 21:32

      Used to seem complex to me. I took some time to understand religion and now it does not seem that complex to me.

      I simply think people make religion a bit too complicated.

      For example, the Islamic Finance companies in Australia offer work-arounds and solutions to obtaining home loans that are Shariah compliant and permissible. Now at its core, through the repayments you make to these companies, you end up paying way more than what a person would pay undertaking a home loan from one of the banks.

      This is complex and also why 95% of people don't take this option.

      I don't really think religion limits me too much. If I am being honest, implementing religious teachings has made my life better, not worse.
      I am not talking on a spiritual level, moreso in regards to the physical practices that come in my religion.

      Hence why I still see benefit and not harm in pursuing a cash option or other means whilst purchasing property.

      • bizarredeal on 11/02/2020 - 23:29

        Good on you the remaining 5% of your religion.

  • yamborghini on 11/02/2020 - 15:47
    +2

    My advice would be to blow your money while you're at uni… Hear me out.

    The amount of money you can save up is miniscule compared to what you will make later on. You seen like a pretty smart guy havin scholarships etc so money won't be a problem. The sacrifice in quality of life you need to make to have a few bucks is simply not worth it.

    Use your money to go out, buy nice clothes. Go travel with your mates. Use your money to network. Buy yourself a nice tailored suit for interviews. Maybe even try start a business. I don't believe in playing for defensive growth and conservation when you're young.

    Ive done this with absolutely no regrets. Bought a fast car as well before investing anything and I have to say it's been one of the best motivators I've had. What would have taken me a year of saving and skimping to save I've seen come in a single day revenue.

    Just another perspective. I'm sure many people will disagree with this.

    • thriftysach on 11/02/2020 - 21:20

      • Have travelled a lot in the past 2-3 months kinda got homesick. Also not travelling outside Australia until the whole Coronavirus thing settles down.

      • I have a tailored suit for interviews/events.

      • Ive been looking at starting a business but the risk is extremely high. Also, whatever business I start can only feasibly be online as I work/have uni most of the week.

      • I dont care much for cars, just want it to be a Toyota. Corolla is the best….

      The money I have now at 18 is obviously not a lot to someone who has a job with a salary.

      I agree with you in the sense that a person should explore their passions and interests, but personally, I think both can be achieved whilst maintaining a good amount of savings.

      • yamborghini on 13/02/2020 - 19:19

        If your goal is to make a stupid amount of money then definitely just throw money into a business. Big risk big reward. I have an online business myself that has gone larger than I ever imagined. I started my throwing 2k into it. My first business failed and was in the red when I abandoned it. Lost about 5k. You just need one to go well. Do it while you're young and have nothing to lose. The money you have now won't even make a significant income. 8k @ 5% is 1.09 a day. Just not worth low risk investment imo.

        To me, savings are the the devil. You slowly lose money to inflation. I believe in always keeping your money moving.

        I used to drive a corolla only 2 years ago haha! Just too slow and looked too ugly for me. Even if you're not a car guy get a nice car. Something to talk about. You'll need to if you're in a more sales role anyway. I have a strong belief that money attracts money.eg. real estate, medical sales etc.

        Not sure what subject you're doing at uni or your background but I would recommend investing in clothing. Eg if you're in commerce get some RMs and collared shirts to fit in. Will help your networking.

        • thriftysach on 14/02/2020 - 00:08

          Kinda the best advice I've heard.

          I haven't bought my own car yet, but was planning to get one in the next 2-3 years. What cars in your opinion 'attract money' as you put it?

          Civil Eng with Honours and Commerce (Finance), basically a lot of formal events.

          RMs?

          I need collared shirts (recommend any brands?), don't think my current trackies and tshirts will help me network/land an internship.

          Thanks for your advice!

          • yamborghini on 14/02/2020 - 15:46
            +1

            @thriftysach: Umm maybe a second hand beamer or something like that. Probably go Euro.

            RM Williams boots/leather shoes. It's the typical private school thing. You never know whose father owns a construction company in your course and its worth making friends with that crowd.

            Ralph Lauren is a staple basic, but no one's really cares. As long as it's a nice sport shirt that's reasonable quality.

            Just make sure you look the part and network, network, network.

          • yamborghini on 14/02/2020 - 15:53
            +1

            @thriftysach: Oh also I read you were planning to buy property in cash. Don't do that. That's stupid. You will miss out on years and years of opportunity cost. It's a typical immigrant mentality to believe this route is the best one. I think a lot of older generation immigrants worry about stability too much. I assume you got this idea from your parents.

            Leveraging your income to create a cashflow is the best thing you can do. Always rent and don't own. That way all repairs are done by landlord, and if you own a property, then interest and repairs are written off.

            Take a loan, and make the property cashflow. Then refinance and buy a second, then repeat until you have a reasonable portfolio. YouTube Graham Stephen, he explains it pretty well.

            • thriftysach on 14/02/2020 - 16:52

              @yamborghini: Yeah it is the immigrant mentality, but as of now, due to religious reasons, I cannot get loans due to them accruing interest.

              Otherwise, when I thought that interest was permissible, I was going to heavily invest in property and toss my money around via refinancing once I had a stable income after Uni.

          • cwongtech on 15/02/2020 - 10:52
            +1

            @thriftysach:

            Civil Eng with Honours and Commerce (Finance), basically a lot of formal events.

            I'm Chemical Eng with Honours and Commerce (Finance).
            It's a 5.5 year degree at UNSW, 5 years at Usyd

            All Engineering (apart from Computer Science..) will have Honours unless you're that bad

            It's not the title that impresses other people, it's how you do things.

            My friend has the same degree as you, she's in Credit Suisse now.

            The difference between mine and her resume is she has a lot more experience than I have even before graduating from Uni.

            Get as much industrial experience (either in eng or in finance) as early as you can.

            It will help immensely.

  • BuyHighSellLow on 11/02/2020 - 16:22
    +2

    My name says it all

  • Blitz001 on 11/02/2020 - 23:29
    +3

    Wait, what’s your question?

  • Eeples on 16/02/2020 - 22:44

    Buy a caravan and put it the back yard at your parents place until you save up for your own house/unit.

    In this way you can kinda live on your own and pay modest rent.

    • thriftysach on 16/02/2020 - 23:11

      I dont see how that helps me in any way possible…

  • Cheap Charlie1 on 20/02/2020 - 00:18

    Concentrate on your studies. That's your best chance of building wealth through a career.

    Nothing wrong with earning interest. If you have your money in the bank and not earning interest the bank is taking advantage of you.

  • thaqibmohideen on 21/02/2020 - 11:17

    Hey, Im a 19 year old from Melbourne. Im Muslim aswell. Props to you for the mindset you have. Recently ive been trying to research and gain more knowledge on being "financially independant" aswell. Send me a dm on Instagram @thaaa_qib. Im trying to talk to more people who are in the same boat as me 😂

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